Joint ventures initiated between companies registered in the six Gulf Cooperation Council (GCC) member countries—Saudi Arabia, Qatar, Kuwait, Bahrain, Oman and the United Arab Emirates (UAE)—have jointly recorded over $30 billion in funds last year.

The UAE hosts 124 of the total 405 cooperative ventures operating in the GCC region. It is followed by Saudi Arabia and Oman. The inter-GCC projects include 167 enterprises operating in the trade sector, 88 in industry, 40 in service and 30 in finance.

Established in 1981, the GCC seeks to strengthen cooperation in areas such as agriculture, industry, investment, security and trade, among its six members. GCC members account for 45 percent of the world's oil reserves and provide around 20 percent of the world's crude. — (menareport.com)